Following Truss’s announcement, the pound/US dollar rose, but only briefly, before steadying to roughly where it started the day. This was mirrored against the euro as sterling rose 1%, but not for long. There has been little movement this morning.
The GfK Consumer Confidence Index for the UK came in better than expected at -47, but this is still close to last month’s record low. Retail sales for September also fell by 1.4% in the UK, a year-on-year decline of 6.9%, as the cost-of-living crisis bit.
